CFPB Seeks Input on Assessment of Mortgage Servicing Rule

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Posted To: MND NewsWire

The Consumer Financial Protection Bureau is revisiting its 2013 RESPA Mortgage Servicing Rule. The rule, after several amendments, took effect on January 10, 2014, giving borrowers new consumer protections related to mortgage loan servicing , many of which were aimed at helping consumers who were having trouble making their mortgage payments. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires CFPB to review or assess some of its rules within five years of implementation. The mortgage services rule assessment is designed to address the rule’s effectiveness in meeting the purposes and objectives of title X of the Dodd-Frank Act and the specific goals of the rule, using available evidence and data. CFPB summarizes the RESPA mortgage servicing rule as requiring…(read more)

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